BIG LOTS REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 2019
Q1 GAAP EPS OF $0.39
Q1 ADJUSTED EPS OF $0.92, EXCEEDING GUIDANCE
Q1 COMPARABLE STORE SALES INCREASE 1.5%
COMPANY INCREASES OUTLOOK FOR FISCAL 2019
Columbus, Ohio - May 31, 2019 - Big Lots, Inc. (NYSE: BIG) today reported income of $15.5 million, or $0.39 per diluted share, for the first quarter of fiscal 2019 ended May 4, 2019. This result includes after tax charges totaling $21.4 million, or $0.53 per diluted share, associated with early implementation phases of our strategic business transformation review as well as certain legal settlement loss contingencies. Excluding these charges, adjusted income totaled $37.0 million, or $0.92 per diluted share (see non-GAAP table included later in this release), which compares favorably to our guidance of adjusted income of $0.65 to $0.75 per diluted share (non-GAAP). Adjusted income for the first quarter of fiscal 2018 was $40.0 million, or $0.95 per diluted share (non-GAAP).
Comparable store sales increased 1.5% for the first quarter of fiscal 2019, compared to our guidance of an increase in the low single digits. Net sales for the first quarter of fiscal 2019 totaled $1,296 million, a 2.2% increase compared to $1,268 million for the same period last year, with the increase resulting from positive comparable store sales and sales growth in high volume new stores, or non-comp stores, partially offset by a lower store count year-over-year.
Commenting on today’s announcement, Bruce Thorn, President and CEO of Big Lots stated, “Q1 was a solid start to our new fiscal year with sales growth and comps in line with guidance and adjusted EPS meaningfully higher than our expectations. Our first quarter sales result represents the fourth consecutive quarter of positive comps, which is encouraging in light of the delayed income tax refunds and macro weather challenges in many of our markets. I continue to be very pleased with the progression of certain longer-term strategic elements of our business and their contribution to our near-term results, including the strong performance in our Store of the Future format, the accelerating sales we’re seeing in our new stores, the continued growth of our Rewards loyalty program, and our ecommerce business, which had its best quarter life-to-date.”
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The following information was filed by Big Lots Inc (BIG) on Monday, June 3, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-Q Quarterly Report Accession Number: 0000768835-19-000055 Submitted to the SEC: Wed Jun 12 2019 12:08:55 PM EST Accepted by the SEC: Wed Jun 12 2019 Period: Saturday, May 4, 2019 Industry: Retail Variety Stores